The 2019 fourth quarter is shaping up to provide tremendous growth in Tallahassee. Residential new construction as well as commercial development projects are in full swing across the city. These projects can impact economic conditions as well as property values in the neighboring development areas. Here are a few areas to keep an eye on for 2020:
- Cascades Project – Located across from the 24-acre Cascades Park is one of Tallahassee’s largest developments. The project includes residential, retail, office and food and dining options. This development not only impacts the city but also the Myers Park subdivision and downtown business owners.
- Washington Square – Located downtown on Calhoun Street behind the Leon County Corthouse that will have the 19-story Loews Hotel including condos and offices will also have an impact on apartment and/or residential rental market.
- Market Square – Located on the intersection of I-10 and Thomasville Rd features 110,000 square feet of retail, restaurant, hotel and office space as well as a premier eight-theatre concept from Cinepolis Luxury Cinemas. This has the potential to create new jobs as well as impact home values along the Meridian corridor as well as neighborhoods within a 1-mile radius around the development.
- Bannerman Crossings – Located on Thomasville Rd and Bannerman Crossing has begun development with plans for 147 homes, including 22 town homes. Inspired by southern architecture the homes will feature “Charleston side-porch designs.” As residents look to move into new construction homes, we should see an influx of residential resale homes on the market improving inventory options.
- Three new residential developments off of Mahan Drive East including Tallahassee’s first 55 plus gated community will provide new housing options as well as continued economic growth along the I-10 and Mahan sector.
Many of these projects have been in the works for sometime but are gaining traction and are projected to be completed in first quarter of 2020. We have been fortunate to work with many of these developers, lenders and builders over the past 24 years which provides us with incredible insight into what is happening now, but what is going to happen in the near future.
If you are thinking of investing in real estate or are thinking about making a change in your current housing ownership, we can provide you with expert advice and guidance in your decision making process.
Contact Mike Ferrie at 850-566-8373 for a confidential real estate consultation.